AU Morning Wrap: ASX Falls; Inflation to Stay "Sticky"

Tech companies including Microsoft Corp. were among the stock market's few bright spots Wednesday, as investors digested corporate earnings that offered mixed messages about the state of the U.S. economy.

First Eagle Investments global value team co-head Matthew McLennan has warned that the root causes of inflation remain. He said fiscal breakdown and discipline still remained, pointing to these factors causing continual losses in sovereign securities and mortgage backed securities.

Blackmores shares surged 21.5 per cent amid news that Japanese giant Kirin has lobbed a bid to acquire the company.

The company now expects underlying EBITDA (before SaaS costs and one-off items) for the first half to be approximately $51 million.

This expected result is lower than previous guidance of $58-66 million (before SaaS costs).

Group copper equivalent production of 30,000 tonnes was 2 per cent lower than the December quarter as the company's DeGrussa operation transitioned from mining operations to the processing of stockpiles.

Sandfire refined its FY23 copper production guidance to 87,000 tonnes, zinc to 86,000 tonnes, lead to 9000 tonnes, gold to 20,000 ounces and silver to 2.8 million ounces.

The purchase price is comprised of €1.1 million upfront, paid in equity, and a further €1.1 million earn-out subject to the achievement of regulatory approval in the US, and which is payable in cash or equity, at Telix's election.

The Kirin bid is at $95 per share and is at a 23.7 per cent premium to the last closing price of $76.79. The bid is being made via a scheme of arrangement.